(+91) 9109738982 admin@simplybusiness.co.in

Closure of One Person Company
@ Just Rs. 5000

(consultancy Fees)

What you will get –
Consultation + Application Preparation for Closure of Company + Financial Statement Creation + Application Filing

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Closure of One Person Company

If your business in the One Person company is not running properly or faces continuous losses, it is better to close such One Person company and look for a new beginning.

A One Person company is an artificial judicial entity and requires various compliances like appointment of Auditor, filing returns regularly, and more. Failing to maintain compliance for a Company could result in fines and/or disqualification of the Directors from incorporating another Company. Therefore, if a One Person company has become inactive and there are no transactions in the company, then it is best to wind up the Company.

SimplyBusiness will help you to close your Company, in just a few clicks from your workspace. SimplyBusiness can guide you to start the closure process within 2 weeks to 3 weeks. The entire process for closure of a company can be completed within 3 to 6 months, subject to company verification and government processing times. The time period and requirements for closure of a company could also depend and differ from case to case, based on situations or reason for closure. To discuss more about closure a company, get in touch with a SimplyBusiness Advisor.

Procedure

Company Verification

A SimplyBusiness Advisor organises and verify the activities of the OPC and Acording to MCA norms, determines OPC it is ready for closure and advises on the required formalities. The verification process would start as soon as customer shares the contact details.

Closure Application Preparation

The required documents with attachments for signature are prepared by a SimplyBusiness Expert for Closure of the OPC. The usual time for the preparation of documents is 2 weeks, but subject also depends on the size of the company.

Closure Application Submission

Company closure application with the necessary documents are submitted to the Ministry of Corporate Affairs(MCA). MCA will usually approve the application for winding up and closing of the company in about 3 to 6 months, subject to processing time.

Documents Required

  • Board Resolution for closing and Declaration
  • Consent of Directors and Investors
  • Director’s Affidavit
  • Indemnity Bond
  • Statement of Assets and Liability

FAQs

Q. What is the difference between closure, winding up and Dissolution of the Company?

A.

– Closure or striking off name of the company is done voluntarily by passing members resolution
– Winding up of the company may be voluntary or by the order of the Court by appointing an official liquidator to monitor the process of winding up.
– Dissolution is initiated by the Court for ending the legal existence of the Company.

Q. Is there any time limit to file closure documents with ROC?

A. The Form has to filled be filed with ROC office within 30 days from the date of Signing of the Statement of Assets and Liabilities.

Q. Which company is eligible to apply for closure of Company?

A. A Company which has been inoperative for atleast 2 years from the date of its incorporation or has not done any business for the period of 2 years, can apply for Closure of Company.

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